CORPORATE ENTITIES
Statement of Services and Ability
The following is an introduction to INTERVEST Corporation, its history and principals,
to provide an overview of INTERVEST's ability.
Corporate Statistics. The corporate offices of INTERVEST Corporation are located at
7538 Old Canton Road, Madison, Mississippi, with supportive offices in Decatur and West
Point, Mississippi and Holly Springs, North Carolina. J. Steve Nail is the owner and President of
INTERVEST Corporation. Since 1983, INTERVEST has developed, constructed and managed
properties in Mississippi, Tennessee, Alabama, and Florida.
Goal. The goal of INTERVEST is continued growth through the development and
redevelopment of affordable housing properties, in keeping with the evolving real estate
marketplace. Through its management, construction and development companies, INTERVEST
has the diversification and the flexibility to accommodate all affordable housing services, and
can take advantage of opportunities created by the changing real estate economy.
Culture. "Entrepreneurial" best describes the corporate culture within the INTERVEST
organization. The decision-making process is limited to a small group of key personnel,
allowing a shorter response time and greater flexibility in completing transactions. This culture
has evolved as INTERVEST has grown from its predecessor organization, Nail Properties, Inc.
Form of Business. The INTERVEST organization is comprised of five (5) different
companies, all of which are real estate related.
INTERVEST Corporation. INTERVEST Corporation manages over fifty (50)
properties with an aggregate portfolio value in excess of $200 Million. It’s key
principal is Steve Nail. See Exhibit A for a list of properties managed.
INTERVEST Development Corporation. INTERVEST Development
Corporation builds new affordable apartment complexes for syndication and
acquires older complexes for rehabilitation and resyndication. Its two principals
are Rodney H. Dudley and Steve Nail. See Exhibit B for a list of properties
developed.
INTERVEST Partners Corporation. INTERVEST Partners Corporation builds
new affordable apartment complexes for syndication and acquires older
complexes for rehabilitation and resyndication. Its two principals are Rodney H.
Dudley and Steve Nail. See Exhibit B for a list of properties developed.
INTERVEST Construction Corporation. INTERVEST Construction has been
in operation since March 1987. The company has broad experience in all areas of
construction, with emphasis on the development and rehabilitation of multifamily
properties. It’s key principal is Steve Nail. See Exhibit C for a list of properties
constructed.
Mississippi Housing, LLC. This entity of the INTERVEST family also builds
new affordable apartment complexes for syndication and acquires older
complexes for rehabilitation and resyndication. Its two members are Rodney H.
Dudley and Steve Nail.
Financial Condition. Neither the INTERVEST companies nor any of their principals
(current or past) have ever declared bankruptcy. No INTERVEST project has ever been returned
to a lender or to a joint venture partner. None of INTERVEST's loans or joint ventures is in
default. INTERVEST has not claimed default or requested a workout agreement on any of its
loans or joint ventures, and no such claim or request is imminent. See Exhibit D for a list of
financial relationships and references. Also, see Exhibit E for Professional Relationships and
References.
Principals. Resumes for INTERVEST Corporation's two principals, J. Steve Nail and
Rodney H. Dudley are attached as Exhibit F.
EXHIBIT A
MANAGED PROPERTIES
Complex Name
Location
# Units
Type
Apple Manor Apartments
Camelot Apartments
Canton Manor Apartments
Canton Village Apartments
Castlewood Arms Apartments
Cedar Ridge Apartments
Chickasaw Village Apartments
Colonial Apartments
Crestview Apartments
Dunlap Acres Apartments
Elmwood Apartments
Hannah Heights Apartments
Heritage Trails Apartments
Honeysuckle Woods
Lake/Hickory Apartments
Lauderdale County Apartments
Lutkin Bayou Apartments
Madison Heights Apartments
Magnolia Apartments
Mason Manor Apartments
The Meadows Apartments
Neshoba Apartments
Newton County Properties
Normandy Manor Apartments
Noxubee County
Oakhaven Apartments
Oak Villa Apartments
Oakwood – Winona Apartments
Orleans Square
Parkway Place Apartments
Pecan Grove Apartments
Peppertree Apartments
Philadelphia Apartments
Pine Grove Apartments
Pinecrest Manor Apartments
Red Apple Inn Apartments
Riverdale Apartments
Royal Estates Apartments
Shadow Oaks Apartments
Springs Manor Apartments
Summit Ridge Apartments
Jackson, MS
Coffeeville, MS
Canton, MS
Canton, MS
Jackson, MS
Shannon, MS
Houston, MS
Poplarville, MS
Olive Branch, MS
West Point, MS
Ellisville, MS
Kosciusko, MS
Holly Springs, MS
McComb, MS
Newton, MS
Meridian, MS
Drew, MS
Canton, MS
Eupora, MS
Mason, TN
Collins, MS
Philadelphia, MS
Newton, MS
Laurel, MS
Shuqualak, MS
Ripley, MS
Pass Christian, MS
Vaiden, MS
Jackson, MS
Horn Lake, MS
Booneville, MS
Grenada, MS
Philadelphia, MS
Ackerman, MS
Waveland, MS
Jackson, MS
Morton, MS
Canton, MS
Horn Lake, MS
Hattiesburg, MS
Birmingham, AL
56
24
24
42
56
48
24
16
38
50
32
28
24
30
24
48
36
80
30
24
36
25
36
80
12
24
100
24
26
48
20
48
16
24
36
144
32
32
48
32
200
HUD
RD/MHC
RD/MHC
RD/MHC
CONV
RD/MHC
RD/MHC
RD/MHC
RD/MHC
RD/HUD/MHC
RD/MHC
RD/HUD/MHC
RD/MHC
MHC
RD/MHC
RD
RD/MHC
RD/MHC
RD/MHC
RD/THA
RD/MHC
RD/MHC
RD/MHC
HUD
RD
RD/MHC
CONV/MHC
RD/MHC
OFFICE
RD
RD/HUD/MHC
RD/MHC
RD/MHC
RD/MHC
RD
CONV
RD
RD/MHC
RD
RD/MHC
RD/AHFA
Town Creek Apartments
Uenda - Eupora Apartments
Uenda - Noxapater Apartments
Uenda - Union Apartments
White Oak Grove Apartments
The Wisteria Apartments
Woodland Bend Apartments
Carthage, MS
Eupora, MS
Noxapater, MS
Union, MS
Baldwyn, MS
Plantersville, MS
Baldwyn, MS
52
16
8
16
24
30
24
RD/MHC
RD
RD
RD
RD/MHC
RD/MHC
RD/MHC
EXHIBIT B
DEVELOPMENTS COMPLETED
COMPLEX NAME
Camelot/Coffeeville Apartments
Canton Manor Apartments
Canton Village Apartments
Cedar Ridge Apartments
Chickasaw/Houston Apartments
Colonial Apartments
Crestview Apartments
Dunlap Acres Apartments
Elmwood Apartments
Hannah Heights Apartments
Heritage Trails Apartments
Honeysuckle Woods
Lake/Hickory Apartments
Lauderdale County Properties
Lutkin Bayou Apartments
Madison Heights Apartments
Magnolia/Eupora Apartments
Mason Manor Apartments
The Meadows Apartments
Neshoba County Properties
Newton County Properties
Oak Haven Apartments
Oakwood/Winona Apartments
Oak Villa Apartments
Parkway Place Apartments
Pecan Grove Apartments
Peppertree/Grenada Apartments
Philadelphia Apartments
Pine Grove Apartments
Pinecrest Manor Apartments
Rainbow/Senatobia Apartments
Royal Estates Apartments
Springs Manor Apartments
Summit Ridge Apartments
White Oak Grove Apartments
The Wisteria Apartments
Woodland Bend Apartments
LOCATION
Coffeeville, MS
Canton, MS
Canton, MS
Shannon, MS
Houston, MS
Poplarville, MS
Olive Branch, MS
West Point, MS
Ellisville, MS
Ethel, MS
Holly Springs, MS
McComb, MS
Lake/Hickory, MS
Meridian, MS
Drew, MS
Canton, MS
Eupora, MS
Mason, TN
Collins, MS
Philadelphia, MS
Newton, MS
Immokalee, FL
Winona, MS
Pass Christian, MS
Horn Lake, MS
Booneville, MS
Grenada, MS
Philadelphia, MS
Ackerman, MS
Waveland, MS
Senatobia, MS
Canton, MS
Hattiesburg, MS
Birmingham, AL
Baldwyn, MS
Plantersville, MS
Baldwyn, MS
Exhibit C
CONSTRUCTION COMPLETED
COMPLEX NAME
LOCATION
# OF UNITS
REHABILITATIONS COMPLETED
Camelot/Coffeeville Apartments
Canton Manor Apartments
Canton Village Apartments
Cedar Ridge Apartments
Chickasaw/Houston Apartments
Colonial Apartments
Crestview Apartments
Dunlap Acres Apartments
Elmwood Apartments
Hannah Heights Apartments
Heritage Trails Apartments
Lake / Hickory Apartments
Lauderdale County Properties
Lutkin Bayou Apartments
Madison Heights Apartments
Magnolia/Eupora Apartments
Mason Manor Apartments
The Meadows Apartments
Neshoba County Properties
Newton County Properties
Oakhaven Apts.
Oakwood/Winona Apartments
Parkway Place Apartments
Pecan Grove Apartments
Peppertree/Grenada Apartments
Philadelphia Apartments
Pine Grove Apartments
Pinecrest Manor Apartments
Rainbow/Senatobia Apartments
Royal Estates Apartments
Springs Manor Apartments
Summit Ridge Apartments
White Oak Grove Apartments
The Wisteria Apartments
Woodland Bend Apartments
Coffeeville, MS
Canton, MS
Canton, MS
Shannon, MS
Houston, MS
Poplarville, MS
Olive Branch, MS
West Point, MS
Ellisville, MS
Ethel, MS
Holly Springs, MS
Lake/Hickory, MS
Meridian, MS
Drew, MS
Canton, MS
Eupora, MS
Mason, TN
Collins, MS
Philadelphia, MS
Newton, MS
Ripley, MS
Winona, MS
Horn Lake, MS
Booneville, MS
Grenada, MS
Philadelphia, MS
Ackerman, MS
Waveland, MS
Senatobia, MS
Canton, MS
Hattiesburg, MS
Birmingham, AL
Baldwyn, MS
Plantersville, MS
Baldwyn, MS
24
32
42
48
24
16
38
50
32
28
24
24
48
36
80
30
24
36
25
32
24
23
48
20
48
16
24
36
40
32
32
200
24
30
24
NEW CONSTRUCTION
Honeysuckle Woods
Oak Villa Apartments
McComb, MS
Pass Christian, MS
30
100
EXHIBIT D
FINANCIAL RELATIONSHIPS AND REFERENCES
Regions Bank
Contact:
Joe Robertson
(601) 991-9989
Bank Plus
Contact:
Johnny Ray
(601) 939-3900
SouthTrust Bank
Contact:
George Gammon
(601) 503-1027
Financial Federal
Contact:
Richard T. Wood
(901) 759-2134
Trustmark National Bank
Contact:
Harry M. Walker
(601) 354-5871
Boston Capital
Contact:
(617) 624-8877
Rich Mazzocchi
EXHIBIT E
PROFESSIONAL RELATIONSHIPS AND REFERENCES
.
Watkins, Ludlam, Winter & Stennis, Attorneys
Contact:
David Grishman
(601) 949-4770
Grantham Poole, CPA
Contact:
Alan Arrington
(601) 957-5050
Eubank & Betts, CPA
Contact:
Steve Hirn
(601) 987-4300
Fortenberry CPA
Contact:
(601) 992-5292
Jack Fortenberry
Mississippi Home Corporation
Contact:
Katina Pace
(601) 719-4634
Rural Development
Contact:
(601) 965-4325
Darnella Smith-Murray
RESUMES OF PRINCIPALS
Exhibit F
J. Steve Nail
A native of Jackson, Mississippi, J. Steve Nail serves as President and Chairman of the Board of
INTERVEST. Steve attended public schools in Jackson and was graduated from Murray High
School. Attending undergraduate school at Mississippi State University and Mississippi College,
Mr. Nail received his Juris Doctorate degree from Mississippi College School of Law in 1978.
From 1974 through 1976 Mr. Nail worked as an Inspector for an architectural firm where he
gained construction expertise in all aspects of the construction industry. From 1976 through
1978 he worked as a Mortgage Banker, arranging financing for income properties, including
HUD-insured multifamily projects. In 1978 Mr. Nail began C-N Co., a real estate development
company whose purpose was to develop multifamily subsidized apartment projects insured
through the Department of Housing and Urban Development. From 1978 to 1982 Mr. Nail was
the Developer, Consultant, Mortgagee and Attorney for over $50 Million of multifamily housing.
In 1982 he formed Nail Properties, Inc., which began as a real estate management company,
managing HUD-insured multifamily housing projects. In 1987 the name of Nail Properties, Inc.
was changed to INTERVEST Corporation.
In 1994 Nail organized and served as the first President of the Housing Association of
Mississippi (HAM), representing over 400 properties throughout the State of Mississippi. Mr.
Nail is currently the congressional liaison for HAM. Nail serves on the National Housing Impact
Committee and is currently serving on the board for the Mississippi Home Builders Multi-Family
Housing Council. He also serves as an advisory member of the National Housing Advisory
Group.
Nail is married to Pamela Nail, former Mrs. America and Mrs. World. They have four children,
David, Mary Alex, Jack and Nick. The Nail family regularly attends Christ United Methodist
Church.
Rodney H. Dudley
Rodney H. Dudley is Vice President of INTERVEST Development Corporation, INTERVEST
Partners Corporation and Member of Mississippi Housing, LLC. He was raised in Purvis and
received a Bachelor of Science degree from the University of Southern Mississippi.
Mr. Dudley was formerly a partner with Eubank & Betts, a Jackson, Mississippi regional public
Accounting firm. He was with the firm for fourteen years, specializing in taxation with an
emphasis in real estate. His extensive knowledge of this field brought him to INTERVEST in
December of 1988.
As a member of the Mississippi Society of CPA's and the American Institute of CPA's, Mr.
Dudley has been a teacher for AICPA and MSCPA sponsored educational seminars on many tax
related subjects. He has also been on the faculty of several seminars on real estate, partnerships,
taxation, and syndication.
Mr. Dudley is a very active member of the Housing Association of Mississippi (HAM), Inc. and
has served on the Board of Directors for several years, and is currently the Development Liaison.
Mr. Dudley has served on the Board of Directors for the Council for Affordable and Rural
Housing (CARH), a non-profit trade organization that has served as the nation’s premier
association for participants in the affordable rural housing profession. Mr. Dudley also serves on
the Board of Directors and as the Government Affairs Committee Chairman for the Mississippi
Multi-Family Housing Council (MMHC), a division of the Home Builders Association.
Mr. Dudley has obtained several recognitions throughout his career in affordable housing, such
as: Certified Credit Compliance Professional (C³P), Certified Leasing Professional (CLP),
Spectrum Training Award Recipient (STAR), and a Rural Affordable Housing Executive
(RAHE).
Mr. Dudley is married to Ellen Dudley of Itta Bena, Mississippi. They have three children, Ross,
Chase and Ty. He is a Member Broadmoor Baptist Church.